Vietnam to Import Cars Valued at US$413 Mln, up 116 per cent Next Year-Ministry
Vietnam automobile traders are forecast to import US$413 million worth of cars next year, up 116 per cent on year, state media cited the Ministry of Trade and Industry as saying on November 22.
The forecast sharp increase is mainly attributed to the country’s dramatic tax reductions on car imports to 60 per cent from 90 per cent, much sooner than WTO commitments.
Moreover, senior auto market experts noted that local customers would be more flexible with their accounts as the Lunar New Year holiday, which falls on February 7, 2008.
The ministry forecast that the country will import new and used cars, plus car parts valued at US$1 billion this year, including US$372 million worth of assembled cars, up 152 per cent on year.
Vietnam imported 19,000 cars valued at US$376 million in the first ten months, up 85.1 per cent and 123.4 per cent on year, respectively, said the General Statistics Office.
The country will consume 1.27 million cars by 2010 and 3.06 million by 2020, said the Ministry of Foreign Affair on its official Web site. (Urban& Economy, GSO)
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